Iron County register., 1887-02-10
SECRETARY MANNING.

oESR6 AK mANNiNIs
The Head of the Treasury Department En-
Hghtens Congress as to Certain of His
Views in Regard to Necessary Legislation
to Preserve Our Financial Equilibrium.
WASHINGTON, Feb. 2-Secretary Man
ming yesterday sent long communica-
ton to Speaker Carlisle in reply to re-
cent resolution of the House of Represen-
tatives respecting reissue OF treasury
notes and the destruction of United States
notes, etc. The first of these resolutions
inquired whether any money appropriated
in the Sundry Civil bill or any other gov
ernment money had been expended for the
purpose of issuing treasury notes of large
denominations, in lieu of notes of small
denominations cancelled or retired. Sec
retary Manning, after observing that he
finds no authority to reissue treasury
notes, says that if a more patient scrutiny
of the statutes at large discloses
such authority he could not,
except under fresh instructions
from Congress, conceive it a duty to ex-
pend money for such purpose; and then
he adds that none of the appropriation re-
ferred to, nor any other money belonging
to the Government. has been expended for
such purposes. The secretary then goes
into long argument in favor of paying g
the greenback debt and repeal of the
Compulsory Silver Purchase bill. He
says:
sThat another species of our outstand
ing Indebtedness, namely, the legal ten
ders or greenbacks, known in law as
United States notes, are equally with what
the law desi ignates as treasury notes be-
yond any need or excuse for reissue; that
temporary notes which are debt of
principal and interest, should at once be
cashed and Cancelled from abundant and
superfiuous coin on hand not now capable
of being applied to any other use-this is
so obvious principle of sound finance,
such as prudent citizen would apply to
his private affairs, that any Secretary of
the Treasury would be subject to
just reproach for departure therefrom
by reissues, were it not that the
act of May 81, 1878, seems to require OF him
that fiscal misstep And 1 beg leave to
submit to the House the question whether,
among many other reasons for its repeal,
the contraction of the currency sought to
be averted by that act can not in any
other and better way be prevented than
by it's repeal. The fact that the $346, 6S1,-
DIG of greenback debt is greenbacs
currency, is so far from being reason
against its payment that it is reason
which makes it's payment and destruc-
ton necessary-not without better
currency to take its place; but
such currency is at hand. But,
also, contraction of the currency
should be avoided. The substitution of a
better currency for the Greenbacks runs
no hazard of contraction. But the conse-
quen ces of not using our coin surplus
thus are serious. For in currency of
some sort with the YEARS. taxes paid, and
the excess of receipts over the authorized
disburs ements of the treasury would be
the N easure of the contraction of the
currency. This contraction can be avoided
bv appropriations for an eXtravagant and
reckless outpour of expense like that Of
war. 1t can also be avoided by the pay
ment of debt The first remedy need not
be discussed; it is of course the remedy
of the most unworthy of the peoples
representatives. The second rem edy IS
all that remains"
tsWhat debt then, shall we pay?" the
secretary asks, and goes on to largue that
it would be an ineXcuSa able extravaganza
to diminish the bonded debt not yet due
by anticipatOry purchase, at high
premium, when, under the operations OF
the Sinking Fund law, every dollar Of the
National debt, greenbacks and all. can be
cancelled by 1908 Of anticipatory pay
ment of funded debt at high premium,
the secretary says:
sFWhile successfully getting out of the
l. treasury the currency tax surplus, and so
preventing contraction in that form, is
that method, nevertheless, which would
contract the currency in another form by
too suddenly diminishing National bank
circulation based on the funded debt. 1t
is therefore necessary now, not only to
reduce taxation in order to prevent
surplus tax collecting from being currency
! contracting again and again, but 1t is
| necessary also to employ our present and
lob CuTnlnS the naVmpnt
not of funded, but of the unfunded debt.
| Great extravaganza orneedless expense Or
serious monetary trouble can both be so
! avoided. The peoples representatives, by
| action before adjournment, can relieve the
| Secretary of the Treasury from a bad
| choice between these now present altern-
| atives. The surplus coin and bullion
| which will remain in the treasury after
| all the bo nds subjct to call have
| been paid, and before the the Fiftieth
! Congress will assemble, together with the
| proceeds of surplus taxation which will
| flow into the treasury before any possible
| reduction of taxes by the present Con-
! gress can take effect, constitute sum
| which can we'll be got out of the treasury
| into the hands of the people, where it be-
| longs, by the payment of the greenback
! debt Coin certificates are ready and
| superior paper money to the greenbacks.
| i
matter of treasury administration when
| ever two indispensable conditions are first
| fulfilled by Congress. The repeal of the
compulsory silver purchases is the first
Indispensable condition, and the repeal OF
the compulsory host of redemption reis'
sues of United States notes is the next
| and only other condition"
These two repeals are together neces-
sary, the Secretary insists, to prevent on
| the one hand an extravagant expense, OF
on the other hand considerable contrac
tion of the currency.
Replying to the other resolutions of in,
quiry about the cancellation of 81 and 8
notes, the Secretary presents tables show
ing that since August a. 1886, there has
been a decrease by destruction of S3,S6l,,
95S of ones and s3, ,937, ,OS2 of twos, and an
! increase of SO, ,OOO, 900 in fives and $4,000,
| 600 in ten dollar notes.
Complimentary Reception to General Fair
child.
CONCORD, n. H, Feb. 1.-General Fair
| child, Commander-in-Chief of the G. A. H.
was rendered a complimentary reception
and banquet by E. E. Sturtevant last
night. j. B. Thompson, Secretary of State
. presided, and General Fairchild spoke